Mommy-mo-bile gone and in its place.....

iVillage Member
Registered: 11-25-2007
Mommy-mo-bile gone and in its place.....
12
Sat, 03-08-2008 - 7:27pm

.......a really clean "04 Chevy Trailblazer - with a ton of features I have NEVER HAD and never thought I would have - and the kids even make out and love it - DVD player for them, rear A/C which the silly 7 seater van didnt have (we have 90 deg average temps in summer so we cannot manage without a/c.

mom_uk2socal - Mom to DS22, DS19, DD16

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iVillage Member
Registered: 05-13-2005
Sat, 03-08-2008 - 9:00pm
That is thinking ahead and being proactive. I remember reading somewhere that banks were negotiating and redoing mortgages to keep customers in their houses and paying them - not sure if that could happen - but maybe? Keep us posted!
iVillage Member
Registered: 11-25-2007
Sat, 03-08-2008 - 10:27pm

thankyou clwesst as always for your wise words and encouragement.


yes thats what I am trying to do - get my 'ducks in a row" as they say.


as for your suggestion, I may try it, but with my situation (because I bought at the highest in history on an income that really should have only qualified for about one third of what i borrowed) - bank

mom_uk2socal - Mom to DS22, DS19, DD16

iVillage Member
Registered: 04-17-2003
Sat, 03-08-2008 - 11:35pm
So, if you default on the mortgage and the house is foreclosed, are you still liable for any of the mortgage? For instance, if the bank ends up selling it for less than what you owed, would you have to pay the difference? Just curious since I recently learned what a short sell is.
You need a good reliable vehicle, so enjoy it!
Stephanie
iVillage Member
Registered: 10-30-2004
Sat, 03-08-2008 - 11:41pm
Why not try renting it out so that you make enough to cover the mortgage and taxes/insurance?
iVillage Member
Registered: 11-25-2007
Sat, 03-08-2008 - 11:48pm

because the total that wud pay everything is a LOT more than i can rent it for.


uk2socal

mom_uk2socal - Mom to DS22, DS19, DD16

iVillage Member
Registered: 11-03-2003
Sat, 03-08-2008 - 11:54pm

How does this work?

iVillage Member
Registered: 10-07-2005
Sun, 03-09-2008 - 12:36am

Ok...


To start off... I don't agree with the decision you've made.


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iVillage Member
Registered: 11-25-2007
Sun, 03-09-2008 - 1:44am

heres the deal as I have learnt from working nearly a year in the business p/t PLUS at length discussions with many experienced realtor colleagues plus the broker - yeah I got this job AFTERou

mom_uk2socal - Mom to DS22, DS19, DD16

iVillage Member
Registered: 11-25-2007
Sun, 03-09-2008 - 3:34am

If you were to rent out the house, by what amount of shortfall would the rent income

mom_uk2socal - Mom to DS22, DS19, DD16

iVillage Member
Registered: 04-17-2003
Sun, 03-09-2008 - 10:50am

It sounds like you have looked at all of your options pretty thoroughly. Is there any possibility of you moving to somewhere that the cost of living isn't as high as southern Cali?

I attended a Dave Ramsey Live event a few weeks ago. He is just awesome. I can't recommend his book "Total Money Makeover" enough. If you have time, it is worth the read. He also has a live call in radio show on KLIF, which is an AM station and you can listen online. I have learned so much about finances. I am very budget minded, but he still has some great ideas.

My credit was wrecked after I divorced and my ex ran credit cards and accounts up sky high. He then declared bankruptcy. Some accounts I got my name off of, but some of them I could not. My credit has improved tremendously and in 2 years ALL of his crap will finally come off since it will have been 7 years! YAY!
Stephanie

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